Our Value / Customers
This customer of Internal Audit is a team of people elected by a corporation's shareholders to represent the shareholders' interests and ensure that the company's management acts on their behalf.
Board of Directors
Audit projects typically focus on ___ to ____ process analysis
End to End
Internal Audit reviews these when performing audits,
What is Business Processes?
You will develop this type of mindset through the audit work you do
Risk and Control
What are the common topics the team will usually cover during an audit closing meeting?
Findings or / and recommendations
Internal audit reports to a subset of the Board of Directors know as the _________
Audit Committee
Risks can be assessed by communicating with employees and by gathering this.
Data
Internal Audit evaluates the efficiency and effectiveness of these.
Internal Controls
The threat that an event, action or non-action will adversely affect an organization’s ability to achieve its business objectives and execute its strategies successfully
What is Risk?
Name the phases of the audit process
Planning - Fieldwork - Reporting - Follow-up (optional)
Internal Audit provides management with this value
Advice and insight
A primary objective of internal audit is to provide ______ and objective assurance.
Independent
What type of control is this? "Privileged system access are restricted to authorized personnel."
a. Preventive; b. Detective; c. Corrective
a. Preventive
The process of identifying, monitoring and managing potential risks in order to minimize the negative impact they may have on the organization.
Risk Management Process
Participating on this with management at all levels.
Interviews
What is an automated control?
A control performed by an automated system, without interference of a person.
The internal audit department makes these on how to mitigate risks and improve operations.
Recommendations
What type of control is this? "All changes made to systems are documented and tracked."
a. Preventive; b. Detective; c. Corrective
b. Detective
Performing routine maintenance on your car is an example.
A control
What meeting is it usually planned after an audit is announced?
Kick-off meeting
Recommendations are provided to improve what?
Existing Processes
In order to develop a deep understanding of the business and ensure the timely remediation of any issues found, this skill is important for success.
Project Management
Communication
End to End Thinking/Critical Thinking
What type of control is this? "Incidents are responded to and resolved in a timely manner."
a. Preventive; b. Detective; c. Corrective
c. Corrective
Driving above the speed limit and possibly obtaining a speeding ticket, would be an example of this.
Risk
What are the common topics the team will usually cover during an audit kick-off meeting?
Examples: Audit period, teams, in-scope business processes and focus areas, audit timeline, management concerns or comments